Thursday, September 8, 2011

Mortgage rates lowest since 1971

Mortgage rates set new record lows this week, per a report by mortgage giant Freddie Mac (the Primary Mortgage Market Survey), hitting rates not seen since 1971.

Rates on 30-year fixed-rate mortgages averaged 4.12 percent with an average 0.7 point for the week ending September 8th, 2011.

Despite the fact that it’s been 40 years since we saw mortgage interest rates this low, the Mortgage Bankers Association simultaneously reports that buyer demand for mortgages remains at record lows, close to the low demand levels last seen in 1996.

(some content above based on original reporting published on Inman.com; chart below originally published by the New York Fed)

30yr mortgage rates from 1970 to 2010